Slides
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FINANCIAL RESULTS PRESENTATION for the six months ended 30 June 2025
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Agenda 01 OVERVIEW 02 LISTED REAL ESTATE 03 FINANCIAL RESULTS 04 DIRECT PORTFOLIO 05 PROJECTS 06 OUTLOOK
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01 OVERVIEW
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 4 Dominant and defensive malls Cities with strong economic underpin Western European focus Rotation from Hammerson to physical strategy completed Focus shift to existing portfolio Constantly assessing and monitoring opportunities STRATEGY OVERVIEW
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 5 Distributable earnings increase +7.9% (1H2025: 1.3122 EURc/ps vs.1H2024: 1.2166 EURc/ps) › Benefit from accretive rotation out of Hammerson › Growth despite the refinancing impact of Forum Coimbra NAV per share increase +2.8% (1H2025: 42.63 EURc/ps vs. 1H2024: 41.46 EURc/ps) LTV increase from 25.0% to 35.0% (1H2025 vs. 2H2024) Two new acquisitions since FY2024 › Iberia now 85.6% of direct property exposure FINANCIAL HIGHLIGHTS FOR 1H2025 OVERVIEW
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 6 Spain % Portugal % France % Total % Proportionate share of direct property portfolio based on fair value 58.0 27.6 14.4 100.0 Like-for-like growth in NPI 5.9 4.5 12.0 6.9 Growth in sales 8.0 8.8 3.8 7.6 Growth in footfall 4.4 2.2 4.6 3.9 Vacancy 2.2 0.1 6.4 2.7 OPERATIONAL HIGHLIGHTS FOR 1H2025 OVERVIEW
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 7 Source: Trading Economics MACRO ECONOMIC HIGHLIGHTS GDP Growth rate (%) – 2Q2025 Retail sales YoY (%) – June 2025 Inflation rate (%) – June 2025 Unemployment rate (%) – 2Q2025 OVERVIEW 2.8% Spain 1.9% Portugal 0.7% France 1.4% Euro area 2.3% Spain 2.4% Portugal 1.0% France 2.0% Euro area 6.2% Spain 6.9% Portugal (1.1%) France 3.1% Euro area 10.3% Spain 6.3% Portugal 7.4% France 6.2% Euro area
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 8 INVESTMENT PORTFOLIO EVOLUTION OVERVIEW France 17.4% Portugal 33.3% Spain 49.3% FY2024 France 14.4% Portugal 27.6% Spain 58.0% 1H2025
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 91. Excluding transaction cost ACQUISITIONS CLOSED DURING 1H2025 OVERVIEW Alcalá Magna Espacio Mediterráneo Madrid Cartagena Acquisition costs1 EUR 96.3 million EUR 135.4 million Acquisition yield1 7.6% 7.0% Closing/transfer date 5 March 2025 27 June 2025
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 101. Excluding transaction cost Effective date: 27 June 2025 Acquisition price1: EUR 135.4 million (100%) Acquisition yield1: 7.0% Footfall: 7.7 million › 1H2025 Sales growth: 7.4% › 1H2025 Footfall growth: 1.6% Vacancy: 0.7% Acquisition financed by: › Loan secured by Espai Gironés › Loan secured by Espacio Mediterráneo New flagship Zara LATEST ACQUISITION – ESPACIO MEDITERRÁNEO OVERVIEW
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 11Espacio Mediterráneo Espacio Mediterráneo
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 12 Espacio Mediterráneo
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 13 Espacio Mediterráneo
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 14 Espacio Mediterráneo
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 15 Alcalá Magna Acquired March 2025 1H2025 sales growth: 8.9% 1H2025 footfall growth: 3.7% Vacancy: 0.0%
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02 LISTED REAL ESTATE
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 17 Listed real estate investments at fair value Number of shares Jun 2025 EUR Number of shares Dec 2024 EUR Klepierre 155 184 5 189 353 870 184 24 191 115 NEPI Rockcastle 1 411 918 9 126 786 1 417 115 10 027 685 14 316 139 34 218 800 LISTED PORTFOLIO LISTED REAL ESTATE
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03 FINANCIAL RESULTS
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 19 Jun 2025 Jun 2024 Shares in issue 2 089 010 218 1 853 993 105 Distribution per share (EUR cents) 1.3122 1.2166 Pay-out ratio (%) 100.0 100.0 Net asset value per share (EUR cents) 42.63 41.46 Price per share (JSE-ZAR) 8.13 7.98 Loan-to-value ratio (%) 35.0 21.1 KEY INDICATORS FINANCIAL RESULTS
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 201. All amounts reflect Lighthouse's proportionate share, as applicable 2. Including a two-year extension option Borrowings Interest rate Maturity date Pro rata balance EUR Natixis Consortium¹ 3-month Euribor plus 3.00% 7 March 2027 67 567 501 Santander Consortium 3-month Euribor plus 1.95% 12 June 2028 47 241 348 Santander Consortium 6-month Euribor plus 2.50% 28 January 2029 66 247 418 ING Consortium Fixed rate of 4.91% 18 December 2029 76 800 000 BPI Consortium Fixed rate of 4.45% 11 September 2031 75 149 000 Aareal Bank² Fixed rate of 4.08% 27 June 2032 61 335 000 Aareal Bank² Fixed rate of 4.08% 27 June 2032 76 255 931 Aareal Bank² Fixed rate of 4.81% 27 June 2032 60 347 779 Caixa Bank¹ 3-month Euribor plus 2.20% 30 June 2032 38 500 000 TOTAL 569 443 977 Weighted average remaining loan term: 5.2 years Weighted average effective interest rate: 4.99% BORROWINGS FINANCIAL RESULTS
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 211. The 2032 maturities’ interest rate swaps/fixes end 2 years earlier than the underlying loan terms or applicable extension options. Debt maturity profile (EUR) BORROWINGS - MATURITY Hedge profiles substantially match related debt profiles1 Lighthouse policy is to hedge all interest rate risk over the medium term Five loans have fixed interest rates FINANCIAL RESULTS 0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 2025 2026 2027 2028 2029 2030 2031 2032
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 22 EPRA key metrics compared to historical key metrics Jun 2025 Jun 2024 Historical NAV per share (EUR cents) 42.63 41.46 EPRA NTA1 (EUR cents) 42.66 41.08 Historical LTV (%) 35.0 21.1 EPRA LTV2 (%) 36.0 21.7 Historical vacancy (%) 2.7 3.2 EPRA vacancy3 (%) 2.3 3.4 1. The main difference between the EPRA NTA and historical NAV metrics is that EPRA excludes the fair value of financial derivatives from NTA 2. The main differences between EPRA LTV and the historical LTV are that EPRA LTV includes net payables, which the historical LTV excludes, while EPRA LTV excludes the fair value of financial derivatives, which the historical LTV includes 3. The EPRA vacancy rate is based on the estimated rental value ("ERV") of vacant space as a percentage of the ERV of all lettable space, which differs from the historical vacancy that is calculated based on the gross lettable area ("GLA") of vacant space as a percentage of all lettable space EPRA FINANCIAL RESULTS Lighthouse invests exclusively in Western European malls The Lighthouse Board adopted EPRA Best Practice Recommendations effective from 1 January 2025 Lighthouse considers key EPRA metrics as: NTA, LTV and Vacancy EPRA adoption has no impact on calculation of distributable earnings
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04 DIRECT PORTFOLIO
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 24 Property name Geographical location Ownership1 % Occupancy7,8 % Retail gross lettable area6 m² Spain Torrecárdenas Almeria, Spain 100 99.0% 61 237 Salera Castellón de la Plana, Spain 50 99.6% 2 53 502 H2O Madrid, Spain 100 91.7% 52 913 Espai Gironés Girona, Spain 100 99.5% 40 342 Alcalá Magna Madrid, Spain 100 100.0% 32 723 Mediterráneo Cartagena, Spain 100 99.3% 3 37 426 Total Spain 97.8% 278 143 Portugal Forum Coimbra Coimbra, Portugal 100 99.8% 4 33 934 Forum Montijo Lisbon, Portugal 100 100.0% 45 177 Total Portugal 99.9% 79 111 France Rivetoile Strasbourg, France 60 92.3% 28 106 Saint Sever Rouen, France 60 91.5% 5 35 962 Docks 76 Rouen, France 60 89.3% 36 238 Docks Vauban Le Havre, France 60 99.1% 48 404 Total France 93.6% 148 710 Total 97.3% 505 964 Notes: 1. Refers to the effective ownership in the property 2. Excluding 13 693m² Alcampo hypermarket that is separately owned 3. Excluding 13 650m² Carrefour hypermarket that is separately owned 4. Excluding a 17 700m² Continente hypermarket that is separately owned 5. Excluding a 13 529m² E.Leclerc hypermarket that is separately owned 6. The GLA reflects 100% of Salera and the French properties' GLA 7. The sub-totals and total occupancy percentages reflect weighted averages at 30 June 2025 8. Refers to the historical vacancy that is calculated based on the GLA of vacant space, as the percentage of the GLA of all lettable space differs from the EPRA vacancy rate that is based on the ERV of vacant space as a percentage of the ERV of all lettable space DIRECT PROPERTY PORTFOLIO DIRECT PORTFOLIO
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 25 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% By monthly rental % TENANTS BY INCOME – 1H2025 DIRECT PORTFOLIO Inditex Group % of monthly contractual revenue 1 25.6% of rental income
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 26 62.7% 8.5% 9.8% 7.1% 7.8% 3.9% 0% 20% 40% 60% 80% After December 2029 December 2029 December 2028 December 2027 December 2026 December 2025 Portfolio vacancy: 2.7% Collection rate: 98.3% Portfolio average OCR (LTM): 10% WAULT: 7.6 years Lease expiry profile by monthly rental (EUR) PERFORMANCE METRICS DIRECT PORTFOLIO
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 27 0.4% 2.3% 2.4% 2.6% 2.8% 2.9% 2.9% 3.5% 3.6% 4.0% 5.0% 5.3% 9.7% 14.5% 38.1% 0% 10% 20% 30% 40% 50% Food Specialist Jewelry/Optics/Accessories Toys/Hobby Services Household & Furniture DIY and Garden Shoes/Leather/Bags Electronics Other Personal care Grocery Sport Food & Beverages Leisure Fashion 1 Excluding indexation which will be applied on indexation date. Includes renewals and like for like replacements. Excludes resizing, relocations and other operations that imply landlord capex Leasing activity: › 16 202m² › New tenants 11 269m² › Renewal of existing leases of 4 942m² Average rental reversion: +4.9%1 during 1H2025 Tenant type by GLA PERFORMANCE METRICS DIRECT PORTFOLIO
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05 LEASING
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 29 LEASING LEASING • Espai Gironés • Forum Coimbra • Alcalá Magna • Forum Coimbra • H2O • H2O • Forum Montijo • Docks 76 • Forum Coimbra • Docks Vauban • Forum Coimbra • Forum Coimbra • Alcalá Magna • Alcalá Magna • Forum Coimbra • Docks Vauban • Docks Vauban • Docks 76 • Docks 76 • Torrecárdenas • H2O • Salera
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 30 Large malls are the main target for retailers Retailers focus on larger concepts and close the small stores Large malls have the flexibility to provide additional space to enlarge the highly performing stores Scarce supply puts the spotlight on the existing schemes Large units with clear shapes are scarce in city centres Availability of parking and restrictions on deliveries affect the results of city centre stores MARKET TRENDS LEASING
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05 PROJECTS
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 321 Amount included in the acquisition price 2 Acquisition yield including the refurbishment cost of 10 mil. € PROJECTS PROJECTS H2O Refurbishment Project cost: EUR 10 million1 Yield: 7.5%2 Project status: › Works ongoing › Completion: 4Q2025 New floor and balustrades New floor New floor and balustrades Refurbished lobbies
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 33 PROJECTS PROJECTS Lake area Lake area reduced from 12 500m² to 6 700m² Extension of the existing park and improved connection to the adjacent retail park Lake & Park project Lake & Park project New lake restaurant Lake & Park projectLake & Park project
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 34 PROJECTS PROJECTS Forum Coimbra Extension Project cost: EUR 12 million Yield 7.5% Primark extension: 2 782m² to 4 066m² Zara extension: 2 202m² to 3 688m² Expansion of Stradivarius and Pull&Bear are part of the project Project status: › Lease agreements with Primark and Zara signed › Construction works commenced in June 2025 › Completion: 3Q2026
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 35 PROJECTS PROJECTS Espai Gironés: Zara Extension Current ZARA surface: 1 930m² New ZARA surface: 3 700m² Project includes the right-sizing of C&A and addition of an anchor tenant Project cost: EUR 5.9 million Yield: 5% Project status: › Tendering completed › Start of works in 3Q2025
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 36 PROJECTS PROJECTS Alcalá Magna: Zara Extension Current ZARA surface: 1 870m² New ZARA surface: 2 400m² Project cost: included in the acquisition price Project status: › Lease agreement signed › The tenant took occupation of the additional space and commenced fitting-out › The store will remain partially open during works
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06 OUTLOOK
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 38 Remain disciplined in investment approach Acquisitions anticipated to moderate going forward Iberian economic performance remains strong Full year benefit from recent acquisitions to benefit 2026 Benefit of value-enhancing investing to be realised in 2026 and beyond Guidance of 2.70 EUR cents per share confirmed OUTLOOK OUTLOOK
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07 QUESTIONS